Economy: Markets Quiz

What is a market?

• A place where people meet for social gatherings

• A place where people go shopping for groceries

• A place where buyers and sellers exchange goods and services

• A place where people go to watch movies

What are the factors of production?

• Books, clothes, and furniture

• Cars, computers, and smartphones

• Natural resources, labour, capital, and entrepreneurship

• Water, air, and sunlight

What do natural resources refer to?

• Machines, tools, and buildings

• Human effort put into production

• Water, arable land, mineral deposits, and the environment

• Money and investments

What does labour refer to?

• Machines, tools, and buildings

• Human effort put into production

• Water, arable land, mineral deposits, and the environment

• Money and investments

What is entrepreneurship?

• People who invest in stocks

• People who work in offices

• People who take calculated risks and seize opportunities

• People who build machines

What does capital comprise of?

• Machines, tools, and buildings

• Human effort put into production

• Water, arable land, mineral deposits, and the environment

• Money invested by owners into the business

What is the price of labour in the factor market?

• Rent

• Wages and salaries

• Interest

• Profit

What is the labour market?

• A market for buying and selling land

• A market for trading labour services

• A market for buying and selling capital

• A market for trading goods and services

What is a financial market?

• A market for trading goods and services

• A market for buying and selling land

• A market for trading labour services

• A market for lending and borrowing to finance purchases

What do households offer in the factor market?

• Machines, tools, and buildings

• Money and investments

• Natural resources, labour, capital, and entrepreneurship

• Goods and services